Reassessment Quashed for Failure to Record Reasons Under Section 148: ITAT Mumbai

Mohd Shafi Isamail Merchant Vs ITO (ITAT Mumbai) Reassessment Quashed for Non-Recording of Reasons u/s 148(2): ITAT Mumbai Draws Adverse Inference Against Revenue The Mumbai ITAT (SMC Bench) allowed the appeal of the assessee for AY 2006-07 and quashed the reassessment proceedings initiated under sections 147/148, holding that the mandatory requirement of recording reasons for reopening was not complied with. The reassessment was triggered solely on the basis of AIR information alleging investment of ₹43.62 lakh in immovable property. The assessment was completed ex parte under section 144 r...